The National Flood Insurance Program (NFIP) is a government-run program that provides flood insurance to property owners in participating communities. It is managed by the Federal Emergency Management Agency (FEMA). In the past, the NFIP was the only option for flood insurance, but now there are also private insurance companies that offer flood insurance. In the past, the NFIP used a pricing system that was confusing and led to overcharging or undercharging policyholders. To address this issue, FEMA introduced a new pricing methodology called Risk Rating 2.0, which analyzes each property’s individual risk. While flood zones are no longer used for rating, they are still used to determine whether flood insurance is mandatory.